Caesars Entertainment announces sale of its interest in Emerald Resort

Acquisition Caesars owns 70% of this property while the remaining 30% is owned by local

Caesars Entertainment Corporation announced that it has agreed to sell its South African property Emerald Resort and Casino to Peermont Hotels, Casinos and Resorts, a Johannesburg based hospitality and entertainment company for total proceeds of $49.0 million, which implies a 7.9x multiple on 2018 EBITDA of $6.2mm.

Caesars owns 70% of this property while the remaining 30% is owned by local minority partners.

Total cash proceeds to Caesars for its 70% ownership and other adjustments total $39 million. ■